Zoinks Inc. produces a popular brand of energy drink. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:

Required

1. Using the weighted average method of process costing, complete each of the following steps:

a. Reconcile the number of physical units worked on during the period.

b. Calculate the number of equivalent units.

c. Calculate the cost per equivalent unit rounded to five decimal places.

d. Reconcile the total cost of work in process.

2. Summarize the preceding steps in a production report for Zoinks Inc.

Transcribed Image Text:

Beginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (70% complete) Direct materials cost incurred Conversion cost applied Total cost added 20,000 units $ 10,000 46,000 $ 56,000 52,000 49,000 $ 31,000 82,000 $113,000